topic Re: 1099-R in Get your taxes done using TurboTax

1099-R

meldulla — Mon, 19 Apr 2021 21:19:17 GMT

I have a 1099-R that i got it from my previous employer 401K plan. while doing taxes using TurboTax premier edition the rollover amount is going under my income rather than rollover. i triple check the steps while entering numbers and answering question. I also converted to form and on 1040 AGI rollover number is going under pension and annuities. This is wrong and i seriously need software technical support.

who can help here.

Thanks

Mel Dulla

Re: 1099-R

VolvoGirl — Mon, 19 Apr 2021 21:29:37 GMT

What code is on 1099R box 7? What did you do with it? Did you roll it into a IRA or another employer 401K?

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. It should be on 1040 line 5a and zero in 5b with the word ROLLOVER by 5b. It should be on the pension and annuity line. It is not an IRA.

Re: 1099-R

ThomasM125 — Mon, 19 Apr 2021 21:31:24 GMT

If the funds were rolled over into another qualifying plan, they would not be taxable. You will see a question to that affect after you enter your form 1099-R that reports the distribution in TurboTax. On your form 1040, you should see the distribution amount on line 5(a), but the taxable amount would show on line 5(b).

Re: 1099-R

meldulla — Mon, 19 Apr 2021 21:33:12 GMT

in Box 7 it say G. it's rollover to my IRA account.

Re: 1099-R

VolvoGirl — Mon, 19 Apr 2021 21:35:54 GMT

Good. G means direct rollover and not taxable. 1040 line 5b should be zero.

Re: 1099-R

meldulla — Mon, 19 Apr 2021 21:41:45 GMT

on line 5a it shows amount and 5b it say rollover but it's adding both my rollover

Re: 1099-R

VolvoGirl — Mon, 19 Apr 2021 21:44:31 GMT

It's adding both what? Do you also have another 1099R for something else? How much is on line 5b? That is the taxable amount. If it says ROLLOVER then the rollover amount is not included on 5b. The rollover is working right.